Colchester Management

Claudia Gollmeier, MA, CFA, CPIM

SENIOR INVESTMENT OFFICER

Claudia is a Senior Investment Officer at Colchester Global Investors and has been with the firm since 2009. Claudia manages and constructs global developed, emerging, inflation-linked and short duration nominal bond portfolios. She monitors portfolio risk and conducts ongoing statistical and fundamental economic research. Prior to joining Colchester, she was a Portfolio Manager at Western Asset Management. Claudia started her career in 1999 as a research analyst at UBS Realty Investors and has extensive experience in portfolio management and risk analysis. Claudia holds a Diploma in Business Studies from Fachhochschule Regensburg, Germany and an MA in Economics from the University of Connecticut. She is a CFA charterholder and a member of the CFA Society of the UK.

Angela MacPherson

Head of Distribution - Australia

Research Rating Disclaimers

The Lonsec Rating (assigned August 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Colchester Global Investors product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at: http://www.lonsecresearch.com.au/research-solutions/our-ratings

The Zenith Investment Partners (“Zenith”, holder of Australian Financial Services License No. 226872) rating (assigned February 2019) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available in the Product Assessment and at http://www.zenithpartners.com.au/RegulatoryGuidelines.

Equity Trustees Limited (ABN 46 004 031 298, AFSL 240975) is the Responsible Entity of the Colchester Global Government Bond Fund (ARSN 168 909 671) and the Colchester Emerging Markets Bond Fund (ARSN 616 633 428) (each a “Fund”). This document is not intended to be securities or financial product advice and should not be relied upon as such. To obtain a copy of a Fund’s PDS please contact Colchester. The PDS should be considered in deciding whether to acquire, or continue to hold, an investment in a Fund. This information is of a general nature only and does not take into account the investment objectives, financial situation or particular needs of any investor and should not be taken as a securities or stock recommendation. These factors should be considered before any investment decision is made in relation to a Fund. The performance of a Fund is not guaranteed. Colchester and Equity Trustees Limited make no representation (express or implied) and shall have no liability in any way arising from the provision of this document for any loss or damage, direct or indirect, arising from the use of this document.

Colchester Global Investors Disclaimer Unless otherwise stated, the content of this site reflects Colchester’s views, opinions, portfolio holdings and composites. Colchester makes no representation or warranty as to the accuracy or completeness of the information and disclaims all liability for any direct, indirect, consequential or other losses or damages including loss of profits incurred by you or any third party that may arise from reliance on this website. Although Colchester has obtained the information and opinions from sources which it deems to be reliable, Colchester makes no representation as to their accuracy or completeness. Past performance is not necessarily a guarantee of future returns, and the value of any investment may fall as well as rise. Prospective investors should be aware that any investment involves a degree of risk. Unless shown otherwise, excess and total returns are illustrated as gross of fees. Nothing on this website should be construed as providing any type of investment or other advice, nor should anything in this presentation be considered a solicitation, recommendation, endorsement or offer to purchase or sell any financial security or other financial instrument. Information concerning the calculation of statistics used for portfolio characteristics is available upon request. Various industry standards, indices and industry performance comparative data are presented in this booklet and are detailed where appropriate. These include indices from FTSE, Bloomberg Barclays, Morgan Stanley and JP Morgan. Data is sourced additionally from Bloomberg and Datastream. The Colchester Global Government Bond Fund (the “Fund”) has been developed solely by Colchester Global Investors (Singapore) Pte. Ltd. The “Fund” is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE World Government Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. The Index is calculated by or on behalf FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by Colchester Global Investors (Singapore) Pte. Ltd. Colchester is an employee owned firm headquartered in London and has regional offices in New York and Singapore, and a representative office in Sydney, Australia. Colchester Global Investors Limited is authorized and regulated by the Financial Conduct Authority in the United Kingdom. Colchester Global Investors Limited is also registered with the Securities and Exchange Commission in the USA and is registered as a Commodity Trading Advisor and Commodity Pool Operator with the Commodity Futures Trading Commission. Colchester Global Investors Limited is licensed as a financial services provider by the Financial Services Board (licence number 43012) in South Africa. Colchester Global Investors (Singapore) Pte. Ltd holds a capital markets services licence in fund management issued by the Monetary Authority of Singapore. Colchester Global Investors (Singapore) Pte. Ltd also holds an offshore discretionary investment management services licence issued by the Financial Services Commission of Korea. Please note the following in respect of Colchester’s regulatory status in Australia: (i) neither Colchester Global Investors Limited ARBN 153 119 763 nor Colchester Global Investors (Singapore) Pte. Ltd ABN 58 159 947 583 holds an Australian financial services licence for the provision of certain financial services, and both entities are exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 in respect of the financial services Colchester provides on the basis that, among other things, it only provides services to “wholesale clients” with the meaning of the Corporations Act 2001; (ii) Colchester Global Investors Limited is authorised and regulated by the Financial Conduct Authority of the United Kingdom under UK the laws of England and Wales, which differ from Australian laws; (iii) Colchester Global Investors (Singapore) Pte. Ltd is regulated by the Monetary Authority of Singapore under Singapore laws, which differ from Australian laws. Therefore, Australian wholesale clients are not necessarily subject to the same types of legal protections or remedies that they would enjoy if Colchester was directly subject to the Corporations Act. Colchester is entitled to offer its financial services in Australia pursuant to an exemption from the requirement to hold an Australian Financial Services Licence under the Corporations Act, on the basis, among other things, that the clients are “wholesale clients” within the meaning of the Corporations Act. This website may contain information obtained from third parties, including ratings from credit ratings agencies. Reproduction and distribution of third party content in any form is prohibited, except with the prior written permission of the related third party. Third party content providers do not endorse or recommend the securities or products discussed herein, nor do they guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of their content, including ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully account for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

THIS COMMUNICATION IS INTENDED FOR PROFESSIONAL USE ONLY AND IS NOT FOR PUBLIC DISTRIBUTION. IT MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL OR EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE DISREGARD AND DELETE IT AND DO NOT DISSEMINATE THE CONTENTS TO ANY OTHER PERSON.

THIS DOCUMENT DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING CIRCULAR TO SUBSCRIBE FOR ANY SECURITIES. POTENTIAL INVESTORS MUST REVIEW THE RELEVANT PRODUCT OFFERING DOCUMENTS OR INVESTMENT MANAGEMENT AGREEMENT, AND IN PARTICULAR, THE RISK DISCLOSURES SET OUT THEREIN.

Please take a moment to read our Privacy Policy as it describes what happens to your personal information (that is, information or an opinion about you, whether true or not, which identifies you or from which your identity is reasonably identifiable) that is collected via our website at www.colchesterglobal.com.au (the Website), through application forms for investment or in other dealings you have with us.

1. How we collect your personal information

We will collect and hold your personal information in a fair and lawful manner, and not in an intrusive way. Where it is reasonably practical to do so, we will collect your personal information directly from you. We may collect the personal information you directly give us through some of the following means:

(a) when you make an inquiry or order in relation to financial products or services through our website located at www.colchesterglobal.com.au; (b) when you complete and submit an application form to us; (c) in administering and performing any contracts with service providers; (d) when you contact us via telephone or facsimile; (e) from correspondence (whether in writing or electronically); (f) through any mobile applications provided by our organisation; (g) while conducting customer satisfaction and market research surveys; (h) when administering any of our services; and (i) as otherwise required to manage our business.

However, in certain cases we may collect personal information from publically available sources and third parties, such as suppliers, contractors, investors and business partners.

If we collect personal information about you from a third party, including Equity Trustees Limited, Northern Trust or Onevue, the third party may inform you that we are holding such information, how we will use and disclose it, and that you may contact us to gain access to and correct and update the information.

2. Types of personal information we collect

The type of personal information we may collect can include (but is not limited to), your name, postal address, email address, phone numbers, bank account information, business registration details, tax file number and, if applicable, any financial advisor or intermediary.

Where you do not wish to provide us with your personal information, we may not be able to provide you with requested financial products or services.

3. Our purposes for handling your personal information

As a general rule, we only process personal information for purposes that would be considered relevant and reasonable in the circumstances.

We collect, hold, use and disclose personal information to: (a) offer and provide you with our financial products and services; (b) manage and administer those financial products and services, including account administration procedures; (c) communicate with you, including (but not limited to), emailing you holding statements and distribution information; (d) comply with our legal and regulatory obligations; and (e) otherwise to manage our business. We will not use or disclose your personal information for any other purpose unless you have consented to that use or disclosure.

We may disclose personal information between our organisations or to third parties such as our suppliers, organisations that provide us with technical and support services, or our professional advisors, where permitted by the Privacy Act. If we disclose information to a third party, we generally require that the third party protect your information to the same extent that we do.

4. Protection of personal information

We will hold personal information as either secure physical records, electronically on our intranet system, in cloud storage, and in some cases, records on third party servers, which may be located overseas.

We maintain appropriate physical, procedural and technical security for our offices and information storage facilities so as to prevent any loss, misuse, unauthorised access, disclosure, or modification of personal information. This also applies to disposal of personal information.

We further protect personal information by restricting access to personal information to only those who need access to the personal information do their job. Physical, electronic and managerial procedures have been employed to safeguard the security and integrity of your personal information.

We will destroy or de-identify personal information once it is no longer needed for a valid purpose or required to be kept by law.

5. Direct marketing

Like most businesses, marketing is important to our continued success. We believe we have a unique range of products and services that we provide to investors at a high standard. We therefore like to stay in touch with investors and let them know about new opportunities. We may provide you with information about new products and services either from us, or from third parties which may be of interest to you.

We will not disclose your personal information to third parties for marketing purposes without your consent.

You may opt out at any time if you no longer wish to receive commercial messages from us. You can make this request by contacting our Privacy Officer.

6. Cookies

A cookie is a small text file stored in your computer’s memory or on your hard disk for a pre-defined period of time. We use cookies to identify specific machines in order to collect aggregate information on how visitors are experiencing the Website. This information will help to better adapt the Website to suit personal requirements. While cookies allow a computer to be identified, they do not permit any reference to a specific individual. For information on cookie settings of your internet browser, please refer to your browser’s manual.

7. Accessing and correcting your personal information

You may contact our Privacy Officer to request access to the personal information that we hold about you and/or to make corrections to that information, at any time. On the rare occasions when we refuse access, we will provide you with a written notice stating our reasons for refusing access. We may seek to recover from you reasonable costs incurred for providing you with access to any of the personal information about you held by us.

We are not obliged to correct any of your personal information if we do not agree that it requires correction and may refuse to do so. If we refuse a correction request, we will provide you with a written notice stating our reasons for refusing.

We will respond to all requests for access to or correction of personal information within a reasonable time.

8. Overseas transfers of personal information

We may disclose personal information between our related bodies corporate, where permitted under the Privacy Act. We currently operate out of offices in Singapore, New York and the United Kingdom. We therefore may disclose personal information to our associated entities in these countries.

If we disclose personal information overseas, we will do so in compliance with the requirements of the Privacy Act. We will, where practicable, advise you of the countries in which any overseas recipients are likely to be located.

By providing your personal information to us, you consent to us disclosing your personal information to any such overseas recipients for purposes necessary or useful in the course of operating our business, and agree that APP 8.1 will not apply to such disclosures. For the avoidance of doubt, in the event that an overseas recipient breaches the Australian Privacy Principles, that entity will not be bound by, and you will not be able seek redress under, the Act.

If you do not want us to disclose your information to overseas recipients, please let us know.

From time to time we may engage an overseas recipient to provide services to us, such as cloud-based storage solutions. Please note that the use of overseas service providers to store personal information will not always involve a disclosure of personal information to that overseas provider. However, by providing us with your personal information, you consent to the storage of such information on overseas servers and acknowledge that APP 8.1 will not apply to such disclosures. For the avoidance of doubt, in the event that an overseas recipient breaches the APPs, that entity will not be bound by, and you will not be able seek redress under, the Privacy Act.

9. Resolving personal information concerns

If you have any questions, concerns or complaints about this Privacy Policy, or how we handle your personal information, please contact our Privacy Officer:

We collect personal information about you (eg your name, contact details and other relevant information about you) so that we can provide you with investment related services.

Disclosure of your personal information

We may disclose your personal information to third parties, such as Equity Trustees Limited and organisations who provide services to us in connection with the administration of investment funds. We may also disclose your personal information to regulatory bodies such as the Australian Taxation Office or AUSTRAC, where this is required by law.

Your information can be accessed by Colchester group staff in Singapore, the UK and the USA, but all are subject to substantially equivalent privacy restrictions as apply under Australian law.

Our Privacy Policy

Our Privacy Policy is available on our website www.colchesterglobal.com.au. It sets out our approach to management of personal information, including how you can seek access to and correction of your personal information, and how to make a complaint about a breach of privacy. Subject to the Privacy Act 1988 (Cth), you can have access to and seek correction of your personal information. Our Privacy Policy contains information about how you can do this as well as how you can make a complaint about a breach of privacy.

Marketing

We may use your personal information to let you know about products and services that we think may be of interest to you. However, you may opt out of receiving marketing information at any time by using the contact details provided above. For more information, see our Privacy Policy.

Please note the following in respect of Colchester’s regulatory status in Australia: (i) neither Colchester Global Investors Limited ARBN 153 119 763 nor Colchester Global Investors (Singapore) Pte. Ltd ABN 58 159 947 583 holds an Australian financial services licence for the provision of certain financial services, and both entities are exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 in respect of the financial services Colchester provides on the basis that, among other things, it only provides services to “wholesale clients” with the meaning of the Corporations Act 2001; (ii) Colchester Global Investors Limited is authorised and regulated by the Financial Conduct Authority of the United Kingdom under UK the laws of England and Wales, which differ from Australian laws; (iii) Colchester Global Investors (Singapore) Pte. Ltd is regulated by the Monetary Authority of Singapore under Singapore laws, which differ from Australian laws. Therefore, Australian wholesale clients are not necessarily subject to the same types of legal protections or remedies that they would enjoy if Colchester was directly subject to the Corporations Act.

A person or entity is a “wholesale client” if they satisfy the requirements of section 761G of the Corporations Act 2001. This commonly includes a person or entity:

• Who holds an Australian Financial Services License.

• Who has or controls at least AUD 10 million (and may include funds held by an associate or under a trust that the person manages).

within the meaning of the Superannuation Industry (Supervision) Act 1993.

• That is a body registered under the Financial Corporations Act 1974.

• That is a trustee of:

(i) a superannuation fund; or (ii) an approved deposit fund; or (iii) a pooled superannuation trust; or (iv) a public sector superannuation scheme

within the meaning of the Superannuation Industry (Supervision) Act 1993 and the fund, trust or scheme has net assets of at least AUD10 million.

• That is a listed entity or a related body corporate of a listed entity.

• That is an exempt public authority.

• That is a body corporate, or an unincorporated body, that:

(i) carries on a business of investment in financial products, interests in land or other investments; and (ii) for those purposes, invests funds received (directly or indirectly) following an offer or invitation to the public, within the meaning of section 82 of the Corporations Act 2001, the terms of which provided for the funds subscribed to be invested for those purposes.

• That is a foreign entity which, if established or incorporated in Australia, would be covered by one of the preceding paragraphs.

Other important information

The material on this website is provided for your general information only and does not constitute the giving of investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Whilst the information contained on this website has been given in good faith and every effort has been made to ensure its accuracy, Colchester accepts no responsibility for loss occasioned as a result of reliance placed on any part or content of this website and makes no warranty as to the accuracy of any such information or content.

This website and its contents are the property of Colchester Global Investors. You may not reproduce, modify or distribute the content of this website without prior consent from Colchester Global Investors.

Your use of this website is governed by these terms and conditions and by progressing beyond the home page you are deemed to accept these terms and conditions.

The information provided on this website regarding services offered by Colchester is not directed to any United States person or any person in the United States, any state thereof, or any of its territories or possessions.

Information displayed on this website contains material that may be interpreted by the relevant authorities in the country in which you are viewing this website as a financial promotion or an offer to purchase securities. Accordingly the information on this website is only intended to be viewed by persons who fall outside the scope of any law that seeks to regulate financial promotions in the country of your residence or in the country in which the website is being viewed. Examples of such persons may be governmental agencies, persons sufficiently experienced in investment business to appreciate the risks associated with investment services promoted on this site, large corporations and trusts and high net worth individuals. These examples are not country specific, may not be relevant to the country in which the website is being viewed and are provided for illustrative purposes only. If you are uncertain about your position under the laws of the country in which the website is being viewed then you should seek clarification by obtaining legal advice from a lawyer practicing in the country of your residence or in the country in which the website is being viewed before accessing this website.

You should always bear in mind that:

• the value of investments and any income from them may go down as well as up. You may not get back all of your original investment.

• past performance should not be seen as an indication of future performance.

• indications of past performance displayed on this website will not necessarily be repeated in the future.

• rates of exchange may cause the value of underlying investments to go up or down.

• applications to invest in any product referred to on this website must only be made on the basis of the documentation relating to the specific investment.

If you are in any doubt about the information contained on this website please contact us via mcsapac@colchesterglobal.com or consult your usual professional financial adviser, if you have one. Opinions and any other information on this website are provided by Colchester for personal use and informational purposes only. No information provided on this website in relation to any product or investment should be construed as advice to you on the suitability or otherwise of that product or investment for you or any other person, such suitability depending on all the circumstances of the person concerned. Nothing contained on the website constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

The offer and sale of any securities referred to in the information that follows has not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state or other jurisdiction of the United States. Subject to certain exceptions, the securities will not be offered in the United States and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, such registration requirement. No public offering of securities of the Company is being made in the United States. The Securities offered and sold outside the United States are being offered in reliance on Regulation S of the Securities Act.

Confirmation of Understanding

By clicking the “I UNDERSTAND” button below you confirm that you (1) have read and understood the information set out above, (2) agree to be bound by its terms, (3) are a “wholesale client” as defined in the Corporations Act 2001, (4) are permitted under applicable law and regulation to proceed to the following parts of this website and (5) accept cookies from this website.